Is it safe to install ChatGPT on your phone?

I'm curious, is it really SAFE to install ChatGPT on my phone? I've heard about the benefits of having a smart AI assistant at my fingertips, but I'm also concerned about the potential risks to my personal data and device security. I'm not sure if I should trust this application with my sensitive information. Can you give me some insights on the safety measures that ChatGPT has in place to protect its users' privacy and security? Also, are there any potential risks that I should be aware of before installing it on my phone?